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v2.4.0.6

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified | 12 Months Ended
--- | ---
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010
Net income (loss) attributable to Sterling common stockholders | $ (297) | $ (35,900) | $ 19,087
Plus: Noncontrolling owners’ interests in earnings of subsidiaries and joint ventures | 18,009 | 1,196 | 7,137
Net income (loss) | 17,712 | (34,704) | 26,224
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
Goodwill impairment | 410 | 67,000 |
Depreciation and amortization | 18,997 | 17,322 | 15,770
(Gain) loss on disposal of property and equipment | (3,184) | (390) | 1,900
Deferred tax expense (benefit) | (1,167) | (18,651) | 3,860
Interest expense accreted on noncontrolling interests | 993 | 881 | 1,169
Stock-based compensation expense | 694 | 503 | 595
Loss (gain) on sale of securities and other | (918) | (3) | 38
Tax expense (benefits) from exercise of stock options and restricted stock | 79 | (58) |
Other changes in operating assets and liabilities: |  |  |
(Increase) decrease in contracts receivable | 4,060 | 1,933 | 9,982
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts | (4,083) | (5,921) | (4,085)
(Increase) decrease in receivables from and equity in construction joint ventures | (4,948) | 687 | (4,403)
(Increase) decrease in other current assets | (9,234) | (538) | 2,284
Increase (decrease) in accounts payables | 7,730 | (7,942) | 1,355
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts | 335 | (539) | (13,325)
Increase (decrease) in accrued compensation and other liabilities | (2,277) | 1,408 | 5,709
Net cash provided by operating activities | 24,789 | 20,988 | 47,073
Cash flows from investing activities: |  |  |
Acquisition of noncontrolling interests | (23,144) | (8,205) |
Net assets of acquired companies, net of cash acquired |  | (3,911) |
Additions to property and equipment | (37,359) | (23,989) | (13,409)
Proceeds from sale of property and equipment | 12,464 | 1,296 | 1,607
Purchases of short-term securities, available for sale | (30,154) | (109,312) | (137,547)
Sales of short-term securities, available for sale | 26,661 | 101,415 | 140,493
Net cash used in investing activities | (51,532) | (42,706) | (8,856)
Cash flows from financing activities: |  |  |
Cumulative daily drawdowns – Credit Facility | 75,012 | 18,500 | 57,700
Cumulative daily repayments – Credit Facility | (51,000) | (18,500) | (97,700)
Distributions to noncontrolling interest owners | (10,185) | (7,809) | (4,160)
Purchases of treasury stock |  | (3,592) |
Issuance of common stock pursuant to warrants and options exercised | 68 | 156 | 1,051
Tax benefits from exercise of stock options | (79) | 58 |
Other | (302) | (165) | (73)
Net cash provided by (used in) financing activities | 13,514 | (11,352) | (43,182)
Net decrease in cash and cash equivalents | (13,229) | (33,070) | (4,965)
Cash and cash equivalents at beginning of period | 16,371 | 49,441 | 54,406
Cash and cash equivalents at end of period | 3,142 | 16,371 | 49,441
Supplemental disclosures of cash flow information: |  |  |
Cash paid during the period for interest | 88 | 299 | 44
Cash paid during the period for income taxes | 2,990 | 1,444 | 3,740
Non-cash items: |  |  |
Reclassification of amounts payable to noncontrolling interest owner |  | 1,054 |
Tax benefit related to the exercise of RHB’s liability |  | 2,292 |
Net liabilities assumed in connection with acquisitions |  | 1,961 |
Revaluation of noncontrolling interest – RLW and RHB’s put/call liability | 3,992 | (1,268) |
Issuance of noncontrolling interest in RHB in exchange for net assets of acquired companies | 9,767 |  |
Goodwill adjustments | $ 410 |  |

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